Monday, March 30, 2015
New Signal EUR/JPY
*Position Update: As of 04/01/2015 10:37 EST the Global Currency Scalper covered its EUR/JPY short position with a gain of 27.9 Pips.
As of 03/30/2015 @ 8:31 EST:
We have identified EUR/JPY as a possible short trade. This pair has been in a downtrend since early December 2014 with very weak bounces. The recent bounce failed to breach the 23.6% Fibonacci level and has fallen into a consolidation phase. We believe this phase will eventually be broken to the downside.
The Global Currency Scalper will be taking a short position in EUR/JPY with a break of 128.800. Target will be 128.250, then the figure of 128.000 and ultimately the figure of 127.000. We will place our stop with a break of 131.000, any break of this figure before initiating our position will result in cancelling the order and making further analysis.